ACCRUED LIABILITIES

Accrued liabilities at February 28, 2015 and November 29, 2014 were as follows:



	February 28, 2015		November 29, 2014
Accrued salaries, wages and commissions	$	11,946	$	29,621
Compensated absences	9,558		9,967
Accrued insurance liabilities	10,706		11,358
Warranties	9,145		9,405
Customer deposits	26,092		23,045
Other accrued liabilities	25,636		36,640
Accrued liabilities	$	93,083	$	120,036

The Company had letters of credit totaling $32,206 and $33,359 as of February 28, 2015 and November 29, 2014, respectively, issued to various government agencies, primarily related to industrial revenue bonds, and to insurance companies and other commercial entities in support of its obligations. The Company believes that no payments will be required resulting from these obligations.

In the ordinary course of business, the Company also provides routine indemnifications and other guarantees whose terms range in duration and are often not explicitly defined. The Company does not believe these will have a material impact on the results of operations or financial condition of the Company.

Warranties

Warranties are recorded as a liability on the balance sheet and as charges to current expense for estimated normal warranty costs and, if applicable, for specific performance issues known to exist on products already sold. The expenses estimated to be incurred are provided at the time of sale and adjusted as needed, based primarily upon experience. Changes in the Company’s warranty accrual, which is included in Other accrued liabilities, are as follows:



	Three Months Ended
	February 28, 2015			March 1, 2014
Warranty accrual at beginning of period	$	9,405		$	1,599
Warranty accrual added through business acquisitions	100			10,677
Accruals for warranties issued during the period	154			28
Adjustments related to pre-existing warranties	(48		)	44
Settlements made during the period	(373		)	(664		)
Other adjustments, including currency translation	(93		)	(6		)
Warranty accrual at end of period	$	9,145		$	11,678

Warranty accruals added through business acquisitions in the first three months of 2014 relate primarily to the CLARCOR Industrial Air business, whose sales agreements, particularly for air intake filtration systems for heavy-duty gas turbine applications, include product warranties customary for such types of products. Warranty accruals for this business are established for specifically identified warranty issues known to exist on products already sold, and on a non-specific basis based primarily on past experience.